Iraq-Saudi Arabia Establish Free Trade Zone
ERBIL — The Ministry of Industry and Minerals in Iraq has initially approved the creation of a free trade zone with Saudi Arabia along their shared border, an official statement said on Wednesday.
The announcement came following the inaugural meeting chaired by Industry and Minerals Minister Khaled Battal al-Najm, where a committee was formed to explore the development of a free-trade zone between the two nations.
The committee, comprising representatives from the Ministries of Planning, Oil, and Trade and the General Director of the Industrial Cities Authority, convened to discuss the objectives and strategies of establishing this joint economic duty-free zone, akin to the existing collaboration between Iraq and Jordan.
The committee expressed its preliminary agreement on establishing a free trade zone along the Iraq-Saudi border, highlighting the expected economic growth. The zone is envisioned as a critical link between the two countries, encompassing free trade areas to enhance commerce, improve financial institutions, and serve as a hub for various collaborative ventures.
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